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Charter Court said Wednesday it had agreed to sell its residual economic interest in the Charter Mortgage Funding 2018-1 securitisation for £13.8m.

Charter Mortgage Funding 2018-1, or CMF 2018-1, was the latest securitisation and was due to complete on 8 June, the company said.

The transaction is expected to settle before the end of June 2018 and would generate a pre-tax gain of £21.3m. It would be recognised in the first half of 2018 and would also reduce mortgage assets and associated risk weighted assets of the company of approximately £285.5m and £100m, respectively.

Charter Court said it remained on track to meet its net loan book growth target of at least 20% in the medium term.

'The proceeds from the transaction will be invested in pursuing further growth opportunities. As we set out at our Q1 2018 trading statement, we have had a strong start to the year and remain confident of achieving our stated financial targets,' said Sebastien Maloney, CFO of Charter Court.

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